The volume of existing-home sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas, according to the latest forecast by the National Association of Realtors®. 

Lawrence Yun, NAR chief economist, said many buyers have been waiting for higher mortgage loan limits.  “The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions,” he said.  “Therefore, a notable rise in home sales can be anticipated in the second half of the year.

Let’s take a look at the sales statistics for Bergen County NJ  in February 2008 to determine if the market is holding steady locally:

Bergen County NJ real estate (residential) sales dropped by 35 percent in February compared to February 2007, causing the average market time to increase 10 percent, from 105 days to 115 days. The average sale price dropped 5 percent to $659,667.

bergen county nj real estate

Now is a GREAT time to be buying Bergen County NJ real estate. To learn more about Bergen County NJ real estate, please contact me at 201-930-3070 or visit PaulaClarkRealtor.com. To begin searching for Bergen County homes, please use our complimentary MLS search.